Running a small business often means juggling countless responsibilities, such as managing cash flow, purchasing equipment, growing your team and keeping operations running smoothly.
But what happens when your ambitions outpace your available funds? That’s where small business loans come into play.
Whether you’re a startup founder, a seasoned entrepreneur or somewhere in between, understanding how small business loans work can give you the financial tools needed to take your business to the next level.
Here’s a quick review of how small business loans work—and how Apple Federal Credit Union can support your success.
What is a small business loan?
A small business loan is a financial product designed to help businesses access capital for a variety of needs, from covering short-term expenses to funding major growth initiatives. These loans come in several forms, each with its own purpose, repayment terms and eligibility criteria.
At its core, a small business loan gives you access to a set amount of money, either as a lump sum or a revolving line of credit. In return, you agree to repay the loan over time with interest. These loans can be secured (backed by collateral) or unsecured, depending on the loan type and the lender’s requirements.
Common Types of Business Loans
Business needs vary and so do the loan options available.
At Apple FCU, we offer a variety of financing solutions, including:
- Term Loans: receive a lump sum upfront and repay it over a fixed term. Ideal for large investments like equipment, renovations or expansion projects.
- Lines of Credit: access funds as needed up to a set limit. You only pay interest on what you use, making it great for managing cash flow or unexpected expenses.
- Vehicle Loans: finance the purchase of a business vehicle. The vehicle typically serves as collateral.
- Credit Cards: get a revolving line of credit with added perks like rewards and purchase protection. Useful for everyday business purchases and expense tracking.
- Real Estate Loans: for businesses purchasing or refinancing property they plan to operate from.
- SBA Loans: government-backed Loans with competitive rates and terms for businesses that may not qualify for traditional financing.
Choosing the right Loan depends on how much capital you need, how quickly you need it and how you plan to use the funds.
How the Process Works
The lending process might seem intimidating at first, but at Apple FCU, we’ve streamlined it to make financing faster and simpler for business owners. Here’s what to expect:
1. Determine Your Needs
Start by identifying how much funding your business requires and what you plan to use it for. This will help narrow down the best Loan type for your situation.
For example:
- Need flexible funding for ongoing expenses? Consider a Line of Credit
- Making a one-time purchase like a new delivery van? A Vehicle Loan might be best
- Looking to buy property? Explore a Real Estate Loan or an SBA 504 Loan.
2. Submit a Quick Inquiry
Once you know what you’re looking for, the next step is to fill out Apple FCU’s easy online inquiry form. You’ll share a few key details—like your business name, ZIP code, credit score range and years in operation—which helps match you with a Commercial Services expert.
To fill out our form, visit our Commercial Loans page and select Submit Inquiry. After validating your ZIP code, you will be taken to the form.
3. Speak With a Lending Specialist
After you submit your inquiry, a member of our Commercial Services team will contact you to review your needs, explain your options and help you decide the best path forward.
If your business meets a few basic requirements, you may qualify for our Rapid Request process:
- Require $100,000 or less in financing
- Two years or more in business
- Credit score of 680 or higher
- Located in VA, MD, DC, PA, WV or DE
- For Vehicle Loans, borrower must be headquartered in VA, MD or DC
- Qualify for Apple FCU Business membership.
Rapid Request is our way of getting you funded fast—without the usual wait.
4. Complete a Simple Application
If you qualify for Rapid Request, you’ll complete a streamlined application that takes just 15 minutes or less.
When applying for a Commercial Loan through Rapid Request, you will be asked to provide the following information:
- Primary applicant personal information
- Beneficial owners’ information
- Business name and information
- 12 months of business banking statements from your primary operating account.
You can provide business bank statements by signing into Apple FCU Online and uploading them through our secure online portal. Or you can provide up to 12 months of statements directly to the Apple FCU Commercial Lending Specialist with whom you’re working. The statements must reflect at least 10 transactions per month.
5. Get a Decision in 48 Hours or Less
One of the best parts of working with Apple FCU? Speed.
Rapid Request Loans come with a decision in 48 hours or less, excluding weekends and holidays. If approved, you’ll get the funds deposited into your Apple FCU Commercial deposit account or issued as a Credit Card.
From there, it’s up to you to use the funds wisely, whether that means upgrading your space, boosting inventory or launching your next big product.
Why Choose Apple FCU
We know that business owners wear a lot of hats and don’t have time for red tape. Luckily, you don’t have to go at it alone
At Apple FCU, we offer personalized lending solutions tailored to your business needs. Whether you’re looking for competitive rates, expert guidance or flexible terms, our team is here to help.
Call Apple FCU Commercial Services today at 703-788-4800 to speak with a lending expert and explore your options. Let’s grow your business—together.
